[Resolved] HDFC Bank And ICICI — Private banks not reducing home loan rates | |
myself and some of my friends and relatives have taken home loans from HDFC and ICICI banks. recently, RBI has introduced lot of liquidity in the market by reducing CRR considerably. RBI has also reduced repo rate 2-3 days back, which lowers cost of funds for the banks. due to these measures from RBI, many public sector banks have reduced home loan floating interest rates. but the two leading private banks, ICICI and HDFC have not reduced home loan rates yet. my question is why ? they say in the media, they are evaluating the situation ... when RBI increases CRR or repo rate even by 50 basis points, all the banks increase the interest rates immediately. why are these private banks not reducing the rates now. this is not good ... we home loan customers are not getting our legitimate right of market based floating interest rates. Was this information helpful? | |
Aug 14, 2020 Complaint marked as Resolved | |
 4 Comments | |
Comments
Is there any way I can lodge a complaint with RBI or some other regulatory authority about the unfair trade practice followed by private banks in keeping floating rates unnaturally high? I have a home loan from SCB and they are not ready to reduce my loan interest rate following RBI rate cuts.
Reply
Yes...
i have taken a loan from HDFC...All these days when the interest rate was increasing they readily increased it and now when the rates are falling they are not updating it. When asked, they gave me some calculations saying that PLR is still the same and has not been reduced.
As a customer what can we do about it?
i have taken a loan from HDFC...All these days when the interest rate was increasing they readily increased it and now when the rates are falling they are not updating it. When asked, they gave me some calculations saying that PLR is still the same and has not been reduced.
As a customer what can we do about it?
Now SBI is offering car loan for 10%. And I'm paying 11.75% for housing loan from HDFC. What a pity!!
Public sector bank car loan interest is much less than HDFC housing loan!!
See: http://www.moneycontrol.com/india/news/business/now-sbi-offers-new-car-loan-at-1...⇄
Public sector bank car loan interest is much less than HDFC housing loan!!
See: http://www.moneycontrol.com/india/news/business/now-sbi-offers-new-car-loan-at-1...⇄